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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Great Portland Estates Plc | LSE:GPOR | London | Ordinary Share | GB00BF5H9P87 | ORD 15 5/19P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 735.50 | 739.50 | 740.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMGPOR
RNS Number : 9442Q
Great Portland Estates PLC
24 June 2020
24 June 2020
Great Portland Estates plc
Annual Report and Notice of Annual General Meeting 2020
Great Portland Estates plc (the "Company") announces that the following documents have today been posted or otherwise made available to shareholders:
-- Annual Report and Accounts for the year ended 31 March 2020; -- Notice of 2020 Annual General Meeting (the "AGM"); and -- Form of Proxy.
The above documents have been uploaded to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism .
The 2020 Annual Report and Accounts and Notice of 2020 Annual General Meeting can also be viewed on the Company's website at www.gpe.co.uk/investors/shareholder-information/agmgm .
The 2020 AGM will be held at Kent House, 14/17 Market Place, London, W1W 8AJ on Friday, 24 July 2020 at 1pm. In light of the COVID-19 pandemic and current compulsory government measures restricting public gatherings, we are planning for the AGM to be run as a closed meeting. Regretfully, this means that shareholders must not attend the AGM in person and, in the interests of protecting the health and safety of our shareholders and our people, anyone seeking to attend in person will be refused entry. The Company will make arrangements for a quorum to be present to transact the formal business of the meeting as set out in the AGM Notice.
We will continue to monitor the impact of COVID-19 and how any changes to government guidelines or legislation may affect the arrangements for the AGM. Any changes to the current arrangements will be communicated to shareholders via the Company's website at www.gpe.co.uk/investors/shareholder-information/agmgm .
In accordance with Disclosure Guidance and Transparency Rule (DTR) 6.3.5R and the requirements it imposes on issuers regarding regulated information, we set out below:
-- in Appendix A, the principal risks and uncertainties facing the Company; and -- in Appendix B, the Directors' responsibility statement.
The Company's preliminary consolidated financial information and information on important events that have occurred during the year, and their impact on the financial statements were included in the Company's preliminary results announcement on 20 May 2020. That information together with the Appendices below, which have been extracted from the 2020 Annual Report and Accounts, constitute the material required by DTR 6.3.5R to be communicated to the media in unedited full text through a Regulatory Information Service. This material is not a substitute for reading the full 2020 Annual Report and Accounts. To view the preliminary results announcement, please visit the Company's website www.gpe.co.uk .
For further information contact:
Darren Lennark
Company Secretary
Great Portland Estates plc
020 7647 3000
LEI Number: 213800JMEDD2Q4N1MC42
APPIX A
Principal risks and uncertainties
A description of the Group's principal risks and uncertainties, together with a summary of steps taken to mitigate those risks, is shown below.
How we manage principal risks and uncertainties
Hot Features
Premium
Principal risk How we monitor and manage Commentary
risk
Structural retail Strategic financial Retail space comprises
changes forecasts updated prior 28% of our portfolio
to each Board meeting by value. Whilst wider
A continued structural including scenario planning UK retailing has suffered
shift in the retail for different economic from a combination of
industry could force cycles. lower retail sales and
changes to leasing a structural shift,
requirements (e.g. Quarterly review of as increasing volumes
turnover rents) and/or asset-by-asset business of sales move online,
reduce the demand plans to assess potential central London retail
for, or profitability exposures and inform has to date demonstrated
of retail space in hold/sell strategies. greater resilience,
central London. This underpinned by tourism
could reduce rents, Regular reporting to (both domestic and international),
asset values and Executive Committee flagship stores, a deep
returns from retail and Board on negotiations cultural offering and
space. and marketing campaigns. its growing population.
Link to strategic Regular updates received Moreover, we focus on
priorities from central London delivering high quality,
Deliver and lease retail agencies to understand modern retail units
committed schemes; current market trends into locations with
Prepare the pipeline and anticipating future enduring appeal with
changes to deal structures. the bulk of our activities
Directional travel centred on the prime
of net risk movement The Group's in-house shopping streets of
over the last 12 portfolio management Oxford Street, Regent
months teams have proactive Street, Bond Street
Increasing engagement with occupiers and Piccadilly. Our
to understand their current development
occupational needs and activity at Oxford House,
requirements with a at the eastern end of
focus on retaining income. Oxford Street, and Hanover
Square, at the northern
Design Review Panel end of Bond Street,
reviews building design aim to deliver new retail
and specification to experiences into locations
ensure the scheme can that will benefit from
accommodate flexibility the expected opening
of unit sizes appropriate of Crossrail in 2021.
for future retail occupier Early interest in the
demand. schemes has been encouraging
and during the year
In-house Leasing and we completed our first
Marketing teams liaise retail letting in our
with external advisors Hanover Square scheme.
on a regular basis,
creating marketing campaigns, However, the outbreak
agreed budgets and timelines of COVID-19 and associated
in accordance with the lockdown has made the
leasing/marketing objectives. position more challenging
and rental values across
our retail units fell
4.3% during the year
-------------------------------- ------------------------------------
Climate change and Regular Board and Executive With the built environment
decarbonisation review of Sustainability contributing approximately
policy and climate change 40% of the UK's carbon
The need to decarbonise commitments. footprint and the climate
our business increases change debate moving
the cost of our activities Sustainability Committee from the periphery to
through the need meets quarterly to consider now being both a moral
to retro-fit buildings strategy in respect and economic imperative,
to improve their of climate change and particularly for our
sustainability credentials Environmental and Social occupiers and other
and reduces our ability strategy and risks. stakeholders, we have
to redevelop due been further expanding
to planning restrictions, Dedicated Director of our sustainability commitments
increased regulation Sustainability and Community and activities. Having
and stakeholder expectations, and Sustainability Manager. announced in 2019 targets
the increased cost to reduce energy intensity
of low carbon technology Design Review Panel in our existing buildings
and potentially the reviews design brief by 40% (from a 2016
pricing of carbon. for all buildings to baseline) by 2030 and
Failure to meet the ensure that forthcoming to delivering net zero
climate challenge sustainability risks carbon new build developments
could impact our are considered. from 2030, we have more
ability to deliver recently articulated
new buildings, reduce Sustainable Development our approach to sustainability
the demand for the Brief and Sustainability in our Statement of
buildings we own, strategy in place. Intent 'The Time is
cause significant Now', which includes
reputational damage ESG-linked RCF and the a commitment to decarbonize
and result in exposure introduction of ESG our business to become
to environmental strategic bonus measures net zero by 2030. We
activism and potentially for Executive Committee are also committing
stranded assets. members to support delivery to design climate change
of decarbonisation within resilient and adaptable
Link to strategic the business. spaces, create a lasting
priorities positive social impact
Prepare the pipeline; The creation of a baseline in our communities and
Progress sustainability carbon position for put health and wellbeing
agenda existing near-term development front and centre.
schemes is currently
Directional travel underway. Moreover, with sustainability
of net risk movement touching everything
over the last 12 that we do, in early
months 2020 we incorporated
Increasing our energy intensity
target into our ESG-linked
revolving credit facility,
along with targets to
reduce embodied carbon
of our new developments
and major refurbishments
by 40% by 2030 and to
improve biodiversity
net gain across our
portfolio by 25% by
2030. As a result, the
rate of interest we
pay on this facility
will depend on our performance
against these targets.
Furthermore, these targets
have been included within
the objectives of many
of our senior management
team and will be used
to assess levels of
future remuneration.
We also continue to
work to improve the
number of our buildings
rated for their sustainability
credentials. In line
with current legislative
requirements and Government
proposals on the future
trajectory for minimum
energy efficiency standards,
we are actively managing
ratings, seeking to
improve EPC ratings
by at least one grade
following refurbishment.
-------------------------------- ------------------------------------
Pandemic Business Continuity The current COVID-19
Plans and IT Business pandemic is already
Ongoing pandemic Continuity Plans in having profound social
(lasting longer than place. and economic consequences.
three months) could However, the resilience
lead to a significant Response Committee established of our business, finances
decrease in demand and led by the Finance and people are already
in our markets, adversely and Operations Director in strong evidence.
impact our rental to identify risks and We are engaging extensively
income, reduce the concerns to help manage with all our stakeholders,
availability of our GPE's response to COVID-19 including offering assistance
workforce and disrupt crisis. Daily and weekly to our occupiers on
our supply chains reporting to the Executive a case by case basis,
resulting in a decreased Committee. extending our community
ability to maintain activities, including
the consistency of Regular Board calls through the creation
our operations. held during COVID-19 of a new community fund,
crisis to review GPE's and working hard to
Link to strategic response and mitigations ensure the safety and
priorities with key updates provided wellbeing of our employees
COVID-19 response; between meetings. Reviews who have all been working
Deliver and lease of Government guidelines from home since late
committed schemes; and emerging practice March 2020.
Prepare the pipeline; with risk assessments
Progress sustainability undertaken as control All our properties have
agenda; Further embed measures change. remained open and operating
values; Continue to Government guidelines,
to grow flex offer Enhanced stakeholder including our development
engagement, particularly sites. We have also
Directional travel with occupiers, contractors, issued to all our occupiers
of net risk movement shareholders and employees. a 'return to the office'
over the last 12 playbook.
months Selection of contractors
Increasing and suppliers based None of our employees
on creditworthiness. have been furloughed
and the Group has no
current plans to access
any UK Government COVID-19
funding.
-------------------------------- ------------------------------------
London attractiveness Board annual strategy London generates around
review with regular 22% of UK GDP, with
The appeal of London economic and market the largest economy
to occupiers and updates received from of any city in Europe,
investors may diminish third parties. and is one of the world's
due to macro-economic Strategic financial leading commercial,
conditions (e.g. forecasts are updated creative and financial
Brexit), the rise prior to each Board centres, with a deep
of alternative destinations meeting including scenario pool of talent.
for international planning for different
trade, the impact economic cycles and Despite the uncertainty
of civil unrest and eventualities, including created by the UK's
terrorism, the impact to reflect potential exit from the EU and
of long-term climate impacts regarding the the more recent economic
change (e.g. risk UK's exit from the EU disruption as a result
of flooding) and and, more recently, of COVID-19, London
the relative expense broader economic recovery has been growing and
of operating in London. from the COVID-19 crisis. is forecast to grow
This could result further. By 2030, London's
in a lack of investment Regular review of strategic population is expected
and occupier demand priorities and transactions to have increased to
leading to decreasing in light of the Group's around ten million,
income and asset dashboard of lead indicators up from around nine
values. and operational parameters. million today, and improving
infrastructure, including
Link to strategic Detailed planning regarding extensions of the tube
priorities the UK's exit from the network and the expected
Deliver and lease EU, with regular updates opening of Crossrail
committed schemes; to the Board on GPE's in 2021, will bring
Prepare the pipeline; preparations and potential more people within its
Continue to grow impacts. reach. Its combination
flex offer of a strong legal system,
The Group aims to maintain time zone advantages,
Directional travel a consistent policy international connectivity
of net risk movement of low financial leverage. and a welcoming attitude
over the last 12 to businesses from around
months the world has resulted
Increasing in London retaining
its position leading
the Global Power City
Index 2019, as measured
by the Mori Memorial
Foundation.
Central London also
offers one of the world's
largest commercial real
estate markets, with
around 440 million sq
ft of office and retail
property attracting
a deep and diverse mix
of occupiers and property
investors, many from
overseas. London's markets
are also highly liquid
and remain one of the
leading global destinations
for real estate investment.
-------------------------------- ------------------------------------
Property market dislocation Quarterly review of Over the long term,
and impact on financial capital structure, including real estate markets
leverage gearing levels, by Finance have historically been
and Operations Director cyclical and London
Assets may reduce and Executive Committee. has been no exception
in value due to capital to this. As a result,
markets disruption Board annual strategy we have consistently
and/or a macro-economic review with regular adopted a conservative
shock which could economic and market approach to financial
increase GPE's financial updates received from leverage.
leverage and potentially third parties. As at 31 March 2020,
result in our breaching our property LTV was
banking covenants. Regular review of strategic 14.2%, net gearing was
priorities and transactions 16.2% and interest cover
Link to strategic in light of the Group's not measurable. As a
priorities dashboard of lead indicators result, we have substantial
Deliver and lease and operational parameters. headroom above our Group
committed schemes; debt covenants. We estimate
Prepare the pipeline; Quarterly review of property values could
Continue to grow current and forecast fall around 70% before
flex offer debt, hedging levels Group debt covenants
and financing ratios could be endangered,
Directional travel under various market even before factoring
of net risk movement scenarios. in mitigating management
over the last 12 actions.
months The Group aims to maintain
No change a consistent policy The Group also has significant
of low financial leverage. financial capacity with
liquidity of GBP411
The Group's funding million, comprising
measures are diversified cash of GBP111 million
across a range of bank and undrawn committed
and bond markets. facilities of GBP300
million. In addition,
Regular review of financing the Group's weighted
by Finance and Operations average interest rate
Director and Executive remains low at only
Committee with reporting 2.2% (falling to 1.9%
at each Board meeting. on a fully drawn basis),
with an attractive debt
maturity ladder and
diverse funding sources,
predominantly borrowing
on an unsecured basis.
-------------------------------- ------------------------------------
Failure to maximise Strategic financial The Group has this year
returns from prevailing forecasts are updated again continued to take
market conditions prior to each Board advantage of supportive
meeting including scenario market conditions through
We fail to adequately planning for different developing 414,600 sq
read market conditions economic cycles and ft of prime Grade A
and respond accordingly. eventualities. space for delivery in
This could result the next 18 months into
in making leasing Regular review of property a supply-constrained
decisions or buying, cycle by reference to market, whilst also
selling or developing dashboard of lead indicators. profitably recycling
buildings at the capital with GBP73 million
incorrect time leading Board annual strategy of sales at a 10% premium
to insufficient returns review including regular to book values.
on our investment. economic and market
Additionally, in updates received from
periods of stable third parties.
markets we may fail
to effectively adjust Dedicated in-house team
our business model with remit to research
to maximise returns sub-markets in central
from prevailing market London seeking the right
conditions. balance between investment
and development opportunities
Link to strategic for current and prospective
priorities market conditions.
Deliver and lease
committed schemes; Detailed due diligence
Prepare the pipeline; undertaken for all prospective
Progress sustainability acquisitions prior to
agenda; Continue purchase to ensure appropriate
to grow flex offer returns.
Directional travel Quarterly review of
of net risk movement asset-by-asset business
over the last 12 plans to assess future
months performance and to inform
No change hold/sell decision making.
-------------------------------- ------------------------------------
Failure to profitably Updated strategic financial We currently have three
deliver the development forecasts reviewed at committed schemes on-site,
programme each scheduled Board set to deliver 414,600
meeting including scenario sq ft of high quality
We fail to translate planning for different space, all near Crossrail
the development pipeline economic cycles. stations and all targeting
and current committed Development management BREEAM 'Excellent'.
schemes into profitable quarterly updates to These schemes are already
developments through Executive Committee 48% pre-let or under-offer,
poor development with reporting to each with two of the schemes
management, inappropriate scheduled Board meeting. due for completion this
level of development year, and are expected
undertaken as a percentage Regular review of portfolio to generate a profit
of the portfolio, mix and asset concentration. on cost of 14.7%.
poor timing of activity Adjustment of the portfolio
and/or inappropriate as appropriate through Beyond this, the Group
products for the undertaking acquisitions is preparing a further
local market resulting and/or development projects ten schemes set to deliver
in weak leasing performance, in joint venture or more than 1.4 million
reputational damage, forward funding. sq ft across the coming
reducing asset values decade.
and lowering Group Prior to committing
earnings. to a development, the
Group conducts a detailed
Link to strategic financial and operational
priorities appraisal process which
Deliver and lease evaluates the expected
committed schemes; returns from a development
Prepare the pipeline; in light of likely risks.
Progress sustainability During the course of
agenda a development, the actual
costs and estimated
Directional travel returns are regularly
of net risk movement monitored to signpost
over the last 12 prompt decisions on
months project management,
No change leasing and ownership.
Working with agents,
potential occupiers
and purchasers to identify
their needs and aspirations
including sustainability,
wellbeing and technological
advances during the
planning application
and design stages.
Regular pipeline review
meetings between Development
and Portfolio Management
teams and quarterly
asset review sessions.
Selection of contractors
and suppliers based
on track record of delivery
and creditworthiness.
In-house Project Management
team closely monitor
construction and manage
contractors to ensure
adequate resourcing
to meet programme.
Post-completion reviews
undertaken through Final
Appraisal process on
all developments to
identify best practice
and areas for improvement.
Regular review of the
prospective performance
of individual assets
and their business plans
with joint venture partners.
-------------------------------- ------------------------------------
Challenging planning Prior to committing To successfully deliver
environment to a development, the our developments, we
Group conducts a detailed work closely with both
The increasingly financial and operational the local authorities
stringent planning appraisal process which and communities to secure
environment limits evaluates the expected planning consents to
our ability to create returns from a development create great new spaces,
new spaces, increases in light of likely risks. helping London to thrive.
costs, and results Active engagement with The emerging London
in our failure to planning authorities. Plan is now being adopted
obtain viable planning as policy and includes
consents. Early engagement with a number of further
local residents and challenging requirements.
Link to strategic community groups, adjoining Moreover, our substantial
priorities owners and freeholders. and flexible pipeline
Prepare the pipeline; Third-party expertise of ten uncommitted schemes
Progress sustainability used to support in-house totals 1.4 million sq
agenda teams, where appropriate. ft across four London
boroughs, all of which
Directional travel Regular updates to the will likely be subject
of net risk movement Executive Committee to planning approval
over the last 12 and Board on regulatory requirements.
months and planning policy
Increasing developments. We aim to engage with
local authorities in
Sustainable building an open, transparent
design, including climate and non-adversarial
change mitigation and manner to enable us
adaption, considered to secure planning consents
at an early design stage. that are both beneficial
All our major developments to us and the local
are subject to a minimum communities in which
BREEAM rating requirement they are built. In line
of 'Very Good' for major with our social value
refurbishments and 'Excellent' guidelines, as a matter
for new build developments. of course, we liaise
with community stakeholders
to understand their
needs and, where possible,
we will adjust our proposals
to take account of comments
received. We use planning
performance agreements
with the local planning
authority to ensure
that our planning applications
are determined in a
timely manner.
During the year we have
continued to work with
community groups in
the London Bridge area,
supporting air quality
and urban greening projects,
apprenticeship opportunities
and local schools. Over
the coming months we
will continue to support
these initiatives, focusing
on ensuring that our
proposals for New City
Court, SE1 enhance the
excellent work already
being undertaken by
community groups in
the area. This process
is implemented at each
development scheme,
with urban greening
and biodiversity projects
currently being supported
in Islington as part
of early engagement
for our 50 Finsbury
Square, EC2 and our
social value guidelines
are in the process of
being implemented in
full for Oxford House,
W1.
Moreover, sustainability
is becoming ever more
important in the planning
process with many of
our key local authorities
declaring climate emergencies.
We will look to work
with them to support
their principles of
'good growth'.
-------------------------------- ------------------------------------
People Regular review is undertaken The motivation of our
of the Group's resource people and maintaining
Failure to attract, requirements and succession our strong collaborative
develop and retain planning. culture remains fundamental
high quality, suitably to the delivery of our
experienced individuals The Group has a remuneration strategic priorities.
means we may not system that is strongly During the year, the
have the necessary linked to performance strength of our values
capability or resource and a formal six -- and appeal of our culture
levels resulting monthly appraisal system was highlighted with
in the failure to to provide regular assessment our most recent employee
deliver our business of individual performance. engagement survey showing
plan. 94% of our people would
Benchmarking of remuneration "recommend GPE as a
Link to strategic packages of all employees great place to work"
priorities is undertaken annually and we were delighted
COVID-19 response; to ensure competitive to make several internal
Deliver and lease financial and non -- senior management team
committed schemes; financial packages in promotions as we develop
Prepare the pipeline; line with market rates. our talent from within.
Progress sustainability We also successfully
agenda; Further embed Annual personal development launched our Inclusion
values; Continue planning and ongoing and Diversity strategy
to grow flex offer training support for at an all-staff event,
all employees together with valuable participation
Directional travel with focused initiatives from our Non-Executive
of net risk movement to nurture potential Directors, and we are
over the last 12 successors, including pleased to have now
months introduction of mentoring achieved the National
No change programme . Equality Standard accreditation.
Clear articulation of We also broadened our
GPE values so all existing health and wellbeing
and prospective employees programme for our employees,
understand our core held another Community
beliefs and behaviours Day, working with our
. Launch of new Inclusion charity partners Centrepoint
and Diversity strategy and Groundwork London,
in October 2019. and launched our Board
engagement programme.
Health and wellbeing Our employee retention
programme implemented remains high at 87%
following earlier roll-out and we continue to focus
of mental health training on growing the breadth
programme . and depth of our talent,
providing focused development
Focus on people engagement support where needed.
with regular two-way
communication and responsive
employee-focused activities,
e.g. Board engagement
sessions, employee engagement
surveys and flexible
working.
-------------------------------- ------------------------------------
Meeting occupier Quarterly review of We have had another
needs and competition individual property strong year of leasing,
business plans and the completing 46 new lettings
We fail to understand market more generally, and securing GBP14.4
and provide spaces including review of million of rent at an
that meet quickly property IRRs. 8.8% premium to March
evolving occupier 2019 ERV's, whilst continuing
needs, including Portfolio Management the successful roll-out
an inappropriate quarterly updates to of our flexible space
mix of flex versus Executive Committee offering. We have also
traditional space with reporting at each continued to capture
and/or we fail to scheduled Board meeting. reversion across the
identify and react portfolio and, coupled
effectively to shifting Board and management with the leasing activity,
patterns of work reviews of GPE flexible this has helped drive
space use. This could space offer across the like-for-like Group
lead to GPE failing portfolio, including rent roll up by 3%.
to deliver space broadening our product
that occupiers want offering. Over the past twelve
resulting in poor months, our flexible
investment returns, The Group's in-house office space has increased
potentially stranded Portfolio Management from 87,600 sq ft to
assets and losing teams have proactive 219,600 sq ft, or 11%
occupiers to competitors. engagement with occupiers of our office portfolio,
to understand their and we are also currently
Link to strategic occupational needs and appraising a further
priorities requirements with a 152,200 sq ft of flexible
Deliver and lease focus on retaining income, space across the portfolio.
committed schemes; including through our After the success of
Prepare the pipeline; annual occupier survey. our co-working arrangement
Progress sustainability with Runway East at
agenda; Continue Our Director of Workplace New City Court, SE1,
to grow flex offer and Innovation is responsible we expanded our co-working
for keeping the Board arrangement with a new
Directional travel up to date on market flexible office partnership
of net risk movement developments and incorporating arrangement with Knotel
over the last 12 innovation in the GPE for 82,300 sq ft at
months portfolio. City Place House, EC2.
Increasing In addition, we have
committed 16,300 sq
ft to our new Flex+
space at Dufours Place,
W1, which will provide
occupiers with added
service provision as
well as communal facilities
such as a courtyard
and ground floor café.
During the year, we
created our Occupier
Services and Property
Services teams to reflect
our focus on customer
service delivery and
the changing nature
of the occupier environment,
whilst also ensuring
the structure meets
the needs of our growing
portfolio, in particular
given our upcoming development
completions. We also
commissioned an independent
customer satisfaction
survey to update our
understanding of how
our occupiers view their
buildings and the services
we provide. Encouragingly,
our Net Promoter Score
increased from +17.5
in 2017 to +25.3 in
2019, materially ahead
of our peer group which
scored +12.9.
-------------------------------- ------------------------------------
Poor capital allocation Regular reviews conducted With limited availability
decisions of individual property of attractively priced
IRRs, including quarterly acquisition opportunities
We make poor decisions review of individual and the depth of opportunity
regarding the allocation property dashboards, in our existing portfolio,
of capital such that and market generally. we made no acquisitions
we buy, sell, hold in the year. However,
or develop the incorrect Weekly investment meetings taking advantage of
buildings resulting held and regular dialogue strong investor demand
in inadequate investment maintained with key for well let, attractively
returns. intermediaries. located properties,
we made sales of GBP73
Link to strategic Portfolio Management, million in the year.
priorities Development and Leasing
Prepare the pipeline; quarterly updates to We also successfully
Progress sustainability Executive Committee completed our GBP200
agenda; Continue with reporting at each million share buyback,
to grow flex offer scheduled Board meeting. meaning that we have
now returned more than
Directional travel Strategic Review forecast GBP615 million of surplus
of net risk movement on an asset-by-asset equity to shareholders
over the last 12 basis provides a business since 2017, whilst retaining
months plan for each individual the lowest loan to value
No change property which is reviewed ratio in the UK REIT
against the performance sector.
of the business as a
whole.
Detailed due diligence
processes in place to
help ensure appropriate
returns.
-------------------------------- ------------------------------------
Health and safety Formal quarterly reporting We continue to focus
on health and safety on ensuring that we
A serious health to the Executive Committee have a best in class
and safety incident and regular reporting and proactive health
(including by our to the Board, including and safety culture at
contractors) could on progress against GPE, which we reinforced
result in loss of new Health and Safety during the year with
life or serious injury strategy. the recruitment of a
and financial and new Head of Health and
reputational damage Regular site health Safety. During the year,
to GPE. Furthermore, and safety checks undertaken following Board approval,
significant changes by Executive Committee we launched a new Health
in health and safety members, Development and Safety strategy,
regulations driven and Project Management with the goal of embedding
by government intervention team members and third a proactive approach
following events parties. to health and safety
such as the Grenfell across our business
Tower fire may increase Pre-qualification and and with our supply
costs of compliance competency checks undertaken chain partners which
and/or risks of non-compliance. for all contractors goes beyond legal compliance.
and consultants appointed. The main aim was to
Link to strategic Formal reporting on create an integrated
priorities near misses/significant approach, with each
COVID-19 response; incidents and accidents. individual in the business
Deliver and lease having the confidence
committed schemes; Annual cycle of health to take ownership of
Prepare the pipeline; and safety audits. health and safety. We
Progress sustainability have also enhanced our
agenda; Further embed Online health and safety health and safety management
values management system in system, integrating
place for business. systems between our
Directional travel development, occupier
of net risk movement Comprehensive fire safety and property services
over the last 12 management procedures teams to improve communication.
months in place. All employee-related
No change health and safety information
has been updated and
incorporated on our
intranet, complete with
case studies of health
and safety leadership
in the business. We
instigated a programme
of senior leadership
team health and safety
tours of our development
sites and managed portfolio
with a number of inspections
taking place during
the year.
Our change in approach
is also being reflected
in how we measure health
and safety performance
incorporating the use
of both reactive measures,
such as accident reporting
and outcomes from accident
investigation, as well
as more proactive health
and safety indicators
such as positive health
and safety observations
and the implementation
of control measures.
We are also supporting
our occupiers, rolling
out occupier fire safety
monitoring checks to
help provide information
on changing expectations
on fire safety across
the industry.
The COVID-19 outbreak
has required us to put
additional health and
safety processes in
place for our employees,
occupiers and suppliers.
We have followed Government
guidelines from the
start of the outbreak,
supported our employees
in their transition
to home working, worked
with our suppliers to
ensure that essential
building maintenance
could be carried out
safely and introduced
additional cleaning
measures and social
distancing protocols
to reassure our occupiers.
The Group had six reportable
accidents during the
year. Where accidents
do occur, we work with
our supply chain on
accident investigation
to understand lessons
learned and opportunities
for improvement, to
consider how the work
could have been set
up differently and to
understand how, as a
client, we can better
support our suppliers.
-------------------------------- ------------------------------------
Cyber security and IT and cyber security Given the increased
infrastructure failure updates are regularly incidence of attempted
reported to the Executive cyber attacks on UK
A cyber attack or Committee and the Board. businesses, we have
infrastructure failure A head office and portfolio continued to invest
could lead to business IT risk register is time and resource into
or network disruption maintained. our cyber security measures,
within our portfolio both in our head office
or loss of occupier The Group's IT Business and across our portfolio.
data. This could Continuity Plan is regularly
have a significant reviewed and tested
impact on flex+ occupiers and recovery of data
to which we provide at off-site recovery
increased infrastructure centre is tested during
support and high the year.
risk occupiers who
may seek to recoup Regular testing of IT
damages from GPE, security is undertaken
leading to potential including penetration
direct regulatory testing of key systems.
fines and reputational The Group's data is
damage. regularly backed up
and replicated.
Link to strategic
priorities Employee awareness training
COVID-19 response; on cyber risk is undertaken
Deliver and lease regularly. Cyber risk
committed schemes; insurance is in place.
Prepare the pipeline; Each building has a
Progress sustainability bespoke Emergency Action
agenda; Further embed Plan, maintaining appropriate
values; Continue systems to mitigate
to grow flex offer any infrastructure failure.
Directional travel
of net risk movement
over the last 12
months
Increasing
-------------------------------- ------------------------------------
APPENDIX B
Directors' responsibility statement
The following statement is extracted from the 2020 Annual Report and Accounts and is repeated here for the purposes of compliance with DTR 6.3.5R. This statement relates solely to the 2020 Annual Report and Accounts and is not connected to the extracted information set out in this announcement.
We confirm that to the best of our knowledge:
-- the financial statements, prepared in accordance with the relevant financial reporting framework, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole;
-- the Strategic Report includes a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face; and
-- the Annual Report and financial statements, taken as a whole, are fair, balanced and understandable and provide the information necessary for shareholders to assess the Company's position, performance, business model and strategy.
This responsibility statement was approved by the Board of Directors and is signed on its behalf by:
Toby Courtauld Nick Sanderson Chief Executive Finance and Operations Director 9 June 2020 9 June 2020
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
ACSSEFFSLESSESM
(END) Dow Jones Newswires
June 24, 2020 06:04 ET (10:04 GMT)
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